Fortune5:ThemostpowerfuleconomicempiresofalltimeYouhearquitealotthesedaysaboutAmerica’sdecline.It’sperhapsinevitablethatAmericansareworriedabouttheirplaceintheworld,aftersufferingthroughamassivefinancialcrisis,atepidrecovery,twodecadesofnowagegrowth,andaconstantstreamofnewscomingfromrisingChina,anationof1.3billionpeoplewithseeminglylimitlesspotential.Andit’struethat,byanymeasure,America’srelativepowerisindecline.ButlookingattheAmericansituationinthecontextofthebroadsweepofworldhistory,it’samazinghowdominantAmericahasbecome,economicallyspeaking.Formostofhumanhistory,themostpowerfuleconomicpowers,orthosethatproducedthelargestshareofglobaleconomicoutput,weresimplythecountriesthathousedthemostpeopleandcontrolledthemostland.Oneofthereasonsforthisisthatindustrializationisaveryrecentphenomenon.Upuntilabout300yearsago,economiesacrosstheworldweremainlyagricultural,withmostofthevalueproducedfromtheland.Nevertheless,certaincivilizationsdevelopedhugeadvantagesagainsttheirrivals.EconomichistorianIanMorrissaysthatformostofhumanhistory,acivilization’seconomicstrengthdependedlargelyonwhenitexperiencedanagriculturalrevolution.Fromthere,itwouldtakeanationthousandsofyearstoturnitselfintoatrueeconomicpowerhouse.Thatis,untiltheindustrialevolutionupendedeverything.Here,inchronologicalorder,arethefivemostpowerfuleconomicempiresofalltime:1.TheRomanEmpire,circa100AD:25to30%ofglobaloutputRomewasthedistantdescendantoftheveryfirstagriculturalrevolution,whichtookplaceinmodern-dayIraq.Romerosequicklyfromasmallrepublictoadominantglobalempireinamatterofcenturies.Itcementeditsstatusasasuperpowerinaseriesofwars,knownasthePunicWars,withAncientCarthage.TheseconflictsgaveRomecompletedominanceoftheMediterraneanSea,abodyofwaterthatenabledtradetofloweasilyfromtheeconomicallyvibrantareasoftheempire,likethecityofRomeandEgypt.Aseconomiststodayknow,tradeisavitalingredientforeconomicgrowth,andtheRomanswerebetteratitduringtheirheightthananybodyelse.ThereisalsoevidencethattheRomanshadasophisticatedfinancialsystemthatmadeextensiveuseofbanknotesandotherformsofcredit,whichenabledtraderstoforgohaulingpreciousmetalsacrosslongdistances.2.TheSongDynastyinChina,circa1200AD:25%to30%ofglobaloutputAgriculturecamelatertoChinathanitdidinthemodern-dayMiddleEast.ButbythetimeChinesecivilizationmadegooduseofthebenefitsofagriculturalsociety,around1200AD,theyhadcreatedoneofthemostmagnificentcivilizationstheworldhadeverseen.Somescholars,likeRonaldA.Edwards,aneconomichistorianofChina’sSongDynastyatTamkangUniversity,arguesthatitwasChina,notEngland,thatexperiencedtheworld’sfirstindustrialrevolution.HedrawsonresearchconductedbyJapaneseandChinesescholarsthatshowsthatChinaexperiencedpercapitaeconomicgrowthatthesametimethatitspopulationgrew,somethingEuropewouldn’tachieveforhundredsofyears.3.MughalEmpireinIndia,circa1700AD:25%ofglobaloutputIndiancivilizationisoneoftheoldestintheworld,andmanyempireshaverisenandfallenonthesubcontinentthroughoutthecenturies.ButamongitsmosteconomicallyvibrantwastheMoghulEmpire,whichdatedfromthesixteenthcenturyuntiltheestablishmentoftheBritishRajinthemiddleofthe19th.AccordingtothelateeconomichistorianAngusMaddison,thepercapitaoutputofMughal-eraIndiawaslikelyaboutthesameasinEnglandorFranceatthetime,but“IndiahadarulingclasswhoseextravagantlifestylesurpassedthatoftheEuropeansociety.”Thiswasachieved,however,...
